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Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies. In his first book, “The Theory of Moral Sentiments,” Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest.
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics.Smith is most famous for his 1776 book, “The Wealth of Nations.”Smith's ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics.
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